BETHESDA, Md. and TORONTO, April 1, 2015 (GLOBE NEWSWIRE) -- Marriott International, Inc. (Nasdaq:MAR) today announced it has completed the acquisition of the Delta Hotels and Resorts brand and management and franchise business from Delta Hotels Limited Partnership, a subsidiary of British Columbia Investment Management Corporation (bcIMC). The transaction increases Marriott's distribution in Canada to more than 120 hotels and 27,000 rooms, making Marriott the largest full-service hotel company in Canada. With the closing of the Delta transaction, Marriott's development pipeline in Canada exceeds 45 properties and 7,300 rooms.
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Marriott's Delta portfolio comprises an exciting range of hotels and resorts with 37 hotels and nearly 10,000 rooms in more than 30 cities across Canada. Delta offers a fresh approach to the guest experience, including its new modern guest room designs, innovative use of technology, and new properties, such as its flagship Delta Toronto located at the hub of Canada's hottest high-rise neighborhood, South Core. In addition to key gateway cities, Delta also features one-of-a-kind hotels in resort locations such as Banff and Whistler.
Arne Sorenson, Marriott International's President and Chief Executive Officer, said, "We can now officially say 'welcome' and 'bienvenue' to approximately 6,500 new colleagues at both managed and franchised hotels across Delta's portfolio. We look forward to the growth of the Delta brand throughout Canada and beyond. As we integrate the Delta brand and hotels into the Marriott International family, together we will work toward new opportunities in the years to come."
Don Cleary, President for Marriott Hotels of Canada, said, "Today concluded several months of very productive collaboration. We are delighted that this will provide new travel experiences for both Delta and Marriott customers and new opportunities for our owners and franchisees. We believe both Marriott's existing hotels and the newly added Delta hotels will benefit from new synergies that incorporate our shared values and commitment to our guests."
Marriott plans to fully integrate Delta hotels onto its world-class Marriott.com booking engine and its leading Marriott Rewards platform.
According to the Canadian Tourism Commission, more than 15 million international travelers visited Canada in 2014, and the U.S. Office of Travel and Tourism Industries estimates that Canadians made nearly 20 million trips to the U.S. in 2014.
Under terms of the agreement, Marriott acquired the Delta management and franchise business, as well as the Delta brand and related intellectual property. Marriott paid C$170 million (which is approximately US $134 million at current exchange rates).
bcIMC-affiliated entities own 13 Delta hotels (and one under development) and have signed new 30-year management agreements with Marriott for these properties. Third parties own the other 24 Delta hotels; 14 are managed by Delta and 10 are franchised. bcIMC was advised in the transaction by David Mongeau and Avington Financial.
Marriott International, Inc. (Nasdaq:MAR) is a global leading lodging company based in Bethesda, Maryland, USA, with more than 4,100 properties in 79 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVLGARI®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 49 million members. For more information or reservations, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com.
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Source:Marriott International, Inc.